TGS, a global provider of energy data and intelligence, today announced, in partnership with PGS, that it has secured pre-funding for the Santos Sul Multi-client 3D project in the southwest Santos Basin offshore Brazil. The TGS/PGS collaboration combines the operational and technical strengths of both companies to provide high-quality multi-client data and timely delivery, which are critical to the exploration efforts in this area.

The survey will cover more than 15,000 square kilometers of both open acreage made available by ANP via the new Permanent Offer mechanism (“POR”) and the exploration blocks recently awarded in the 17th Concession bid round and 3rd Cycle of the POR.

The Ramform Tethys will mobilize for the survey in January 2023, and acquisition is scheduled to complete in August 2023.

“We are pleased to announce this joint venture with PGS, further strengthening our 3D data library and position in Brazil. The Santos Sul 3D project will be instrumental in providing invaluable data and actionable insights into new and emerging plays outside the Pre-Salt, allowing our clients to de-risk their exploration activities in the region for active and future licensing rounds,” says CEO of TGS, Kristian Johansen.

"We experience continued exploration interest offshore Brazil where the combination of the Ramform designed vessels and GeoStreamer technology is in strong demand. The Santos Sul Multi-client survey expands PGS and TGS 3D data coverage in Brazil and will provide high quality data essential for the exploration of these newly awarded blocks. The PGS/TGS collaboration in this portion of the Santos basin also provides coverage over a wider area available through the permanent offer licensing round," says President & CEO of PGS, Rune Olav Pedersen.

About TGS

TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.

About PGS

PGS ASA and its subsidiaries (“PGS” or “the Company”) is a fully integrated marine geophysical company that provides a broad range of seismic and reservoir services, including data acquisition, imaging, interpretation, and field evaluation. Our services are provided to the oil and gas industry, as well as to the broader and emerging new energy industries, including carbon storage and offshore wind. The Company operates on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS).